Cuba opens first private currency exchange in Santa Clara

Cuba has seen the opening of its first private currency exchange, ADT 64, located in Santa Clara. Operating as a micro, small, or medium-sized enterprise (MSME), the business offers exchange services for nine international currencies. On its initial days of operation, the establishment reported buying US dollars at 710 pesos and selling them at 730 pesos, a rate significantly higher than the official Cadeca rate of 664 pesos.

Owner Arnel Matos Freire confirmed that the business is a private venture with another private partner, denying state ownership of the remaining 30% stake. While the company is officially registered for gastronomic services, its storefront features digital screens displaying fluctuating exchange rates. This development occurs amid a volatile economic landscape where the US dollar and euro maintain high values against the Cuban peso, while the Moneda Libremente Convertible (MLC) has recently seen a decline.

Market indicators show the US dollar holding steady around 700 pesos and the euro near 800 pesos in the informal market. The emergence of private exchange services marks a significant shift in how citizens access foreign currency amidst ongoing economic instability.